German consumer confidence is set to improve in December, survey data from market research group GfK showed Tuesday.
The forward-looking consumer sentiment index rose to 9.7 points, as expected, from 9.6 in November. Both economic and income expectations showed a marked increase, while propensity to buy remained at a high level despite marginal losses.
"The exceptionally high levels of consumer confidence among German consumers have significantly contributed to preventing a recession in Germany in the third quarter," Rolf Bürkl, consumer expert at GfK, said.
"Private consumption has thereby perfectly fulfilled its role as an important pillar of the economy."
The economic expectations index climbed sharply by 15.5 points to 1.7 in November. Likewise, the income expectations indicator advanced 6.5 points to 45.5.
Meanwhile, the propensity to buy index dropped 1.7 points to reach 50 in November.